NEW YORK CITY (dpa-AFX) - Touchstone Investments, a wholly owned subsidiary of Western & Southern Financial Group Monday said it agreed to buy select assets of Retail Mutual Funds business of AIG Life & Retirement, a division of American International Group Inc. (AIG).
AIG's Retail Mutual Funds business manages $7.8 billion in assets across 18 mutual funds as of December 31, 2020.
Under the terms of the purchase agreement, 12 of those funds - with approximately $7.5 billion in assets - will be reorganized and merged into either existing Touchstone funds or into newly created Touchstone funds.
'In addition to significantly increasing our assets under management, we will be offering two new funds that we believe will be important to investors and Touchstone going forward,' said Blake Moore, president and chief executive officer of Touchstone Investments. 'We welcome AIG Fund shareholders and their financial professionals to the Touchstone family.'
Closing of the transaction is expected to occur in mid-2021, subject to customary closing conditions including the approval of AIG Retail Mutual Funds shareholders.
Copyright RTT News/dpa-AFX
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